(a) Interest shall accrue and be charged on payments overdue under § 12-4-703 at one and one-half percent (1½%) per month beginning on the day after payment is due.
(b) Interest which is unpaid at the end of each sixty-day period or at the end of any specified period provided by contract shall be added to the principal amount of the debt and shall thereafter accumulate interest.
(c) (1) Not later than September 15, 2027, and each September 15 thereafter, each agency that makes payments to a business under a contract pursuant to § 12-4-703 shall report for the immediately preceding fiscal year:(A) The number of late payments made and that remain outstanding and the aggregate amount of such payments; and(B) The amount of interest paid on such late payments and that remains unpaid on outstanding late payments.(2) The report submitted pursuant to subdivision (c)(1) must be submitted to the chair of the state and local government committee of the senate and to the chair of the committee of the house of representatives with jurisdiction over public contracts.
(1) Not later than September 15, 2027, and each September 15 thereafter, each agency that makes payments to a business under a contract pursuant to § 12-4-703 shall report for the immediately preceding fiscal year:(A) The number of late payments made and that remain outstanding and the aggregate amount of such payments; and(B) The amount of interest paid on such late payments and that remains unpaid on outstanding late payments.
(A) The number of late payments made and that remain outstanding and the aggregate amount of such payments; and
(B) The amount of interest paid on such late payments and that remains unpaid on outstanding late payments.
(2) The report submitted pursuant to subdivision (c)(1) must be submitted to the chair of the state and local government committee of the senate and to the chair of the committee of the house of representatives with jurisdiction over public contracts.